Roughly $4 billion of asset-backed supply was marketed last week, backed primarily by off-the-run assets, with the largest offering of the week an office equipment lease securitization from The CIT Group. Also, American Express brought its second five-year credit card offering of the quarter, a part of the curve that has seen the most interest from the buyside within the sector.

CIT, in the midst of being spun off from Tyco in an IPO, brought its first ABS of the year last week, offering $1.1 billion of office equipment lease-backed notes through Deutsche Bank. The collateral for this offering illustrates the long and complex history of M&A activity that has led to the current entity that is CIT.

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